The new owners of Schoettler Village plan to embark on an $8.4 million capital improvement program over the next three years.

ST. LOUIS—Multifamily investors typically look for properties located in rising office markets, and the suburbs of St. Louis definitely qualify. L5 Investments and its partner BH Equities are set to pour millions into the renovation of their newly-acquired Schoettler Village Apartments, a 300-unit apartment community in Chesterfield, MO, a top submarket in the region. The owners plan to embark on an $8.4 million capital improvement program over the next three years that will satisfy the demand of local renters seeking quality apartments.

Built in 1978 and located at 15480 Elk Ridge Ln., the property sits on just over 26 acres and includes 46, three-story buildings with a unit mix of 255 two-bedroom units and 45 three-bedroom units. The community features a business center, resort-style pool, clubhouse, fitness center, fenced dog park, playground, and grill and picnic areas.

“L5 not only seeks value-add communities in densely populated areas with favorable job growth, we are also looking for high-performing school districts as they are big factors in renter demand,” says Michael Flaherty, founder and chief executive officer of L5. “Chesterfield is home to the highly regarded Parkway School District which is among the top five districts in the entire state. Ultimately, these key fundamentals all point to continued sustainability and subsequently, appreciation of real estate assets over the long-term.”